Bangor Savings Bank Review: Checking, Savings, CD and Money Market Accounts

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Updated on Tuesday, September 1, 2020

Bangor Savings Bank’s checking account options

Benefit Plus Checking

Bangor Savings Bank’s Benefit Plus Checking bears interest and gives you access to premium savings options, but we don’t think the perks outweigh the fees.
APYMinimum Balance to Earn APY
0.05%$1,000+
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $20 (waived if you meet certain requirements, detailed below)
  • ATM fee: Free ATMs worldwide. Bangor Savings Bank does not assess any ATM usage fees both within and outside of the U.S.
  • ATM fee refund: Any ATM fees in the U.S. will be refunded within 3 business days. For international ATM transactions, you will automatically be reimbursed $3.00. If you were charged more than $3.00, you can contact their customer service with a receipt from the transaction and receive the remaining reimbursement.
  • Overdraft fee: $32 per item

The Benefit Plus Checking is the only checking account option at Bangor Savings Bank that charges a monthly account maintenance fee. Although it’s also the only checking account option that earns interest, the amount is minimal and requires a minimum balance that might be difficult for some to maintain. The money you’d gain from interest is hardly noticeable, so we don’t think it’s worth a monthly maintenance fee, especially when there are free account options.

You can qualify to have the monthly account maintenance fee waived if you do one of the following:

  • Keep a combined balance of at least $10,000 between your Bangor Savings Bank deposit accounts, Bangor Savings Bank Trust, and Bangor Financial Services accounts
  • Maintain a Bangor Savings Bank residential first mortgage
  • Posses a Bangor Savings Bank home equity line of credit of $10,000 or more

The Benefit Plus Checking account does have other unique perks. You’ll get your choice of free specialty checks and premium rates on certificates of deposit that are noticeably higher than those offered with other checking account customers, so it might be worth it if you also plan to open a certificate of deposit with Bangor Savings Bank. You’ll also automatically qualify for a Benefit Money Market Account. Other benefits such as free ATMs, overdraft protection and a Benefit Savings Account are offered to all checking account customers.

You can open an account online, and the application process only takes a few minutes. You’ll need to provide your Social Security number, a government-issued ID and the amount required for the minimum opening deposit in order to fund the account. Accounts can be funded with a credit card or a checking or savings account.

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on Bangor Savings Bank’s secure website

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Benefit Checking

Bangor Savings Bank’s most basic checking account is low in fees and a good value for non-interest bearing checking.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: Free ATMs worldwide. Bangor Savings Bank does not assess any ATM usage fees both within and outside of the U.S.
  • ATM fee refund: Any ATM fees in the U.S. will be refunded within 3 business days. For international ATM transactions, you will automatically be reimbursed $3.00. If you were charged more than $3.00, you can contact their customer service with a receipt from the transaction and receive the remaining reimbursement.
  • Overdraft fee: $32 per item

Benefit Checking from Bangor Savings Bank is a simple, no-frills checking account. While it doesn’t bear interest, it also doesn’t charge any monthly maintenance or ATM fees, making it a good value for most consumers.

This account comes with most of the amenities you’d get elsewhere, including a tap and chip-enabled debit card, online banking and a Benefit Savings Account. Their overdraft fee is fairly standard, but they offer a range of overdraft protection options, including a Standby Money Line of Credit and the ability to use your savings account to back up your checking.

How to get a Benefit Checking account

To open a Benefit Checking account with Bangor Savings Bank, you’ll need to fill out a brief online application. Make sure you have personal information such as your Social Security number and a government-issued ID. You’ll also need to fund the account with at least $25, and this can be done with a credit card, checking or savings account.

SEE DETAILS Secured

on Bangor Savings Bank’s secure website

Benefit 62 Checking

The Benefit 62 Checking account is designed for people 62 years of age and older.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: Free ATMs worldwide. Bangor Savings Bank does not assess any ATM usage fees both within and outside of the U.S.
  • ATM fee refund: Any ATM fees in the U.S. will be refunded within 3 business days. For international ATM transactions, you will automatically be reimbursed $3.00. If you were charged more than $3.00, you can contact their customer service with a receipt from the transaction and receive the remaining reimbursement.
  • Overdraft fee: $32 per item

Like the regular Benefit Checking account, Bangor Savings Bank’s Benefit 62 Checking account has no minimum monthly balance requirements and doesn’t charge a monthly service fee for maintaining the account. It doesn’t bear interest. The main difference between the two checking accounts is that the Benefit 62 Checking account is designed for customers who are 62 years of age or older.

In practice, they are virtually identical. A customer service representative confirmed that the only real difference between the accounts is that as a Benefit 62 Checking account member, you do get free checks. You also receive a 50% discount on any Deluxe check orders. This can be attractive to anyone who regularly relies on checks as a form of payment.

You’ll also get a free debit card that is both tap and chip-enabled, online banking, a Benefit Savings Account and a range of overdraft protection options. Like all of Bangor Savings Bank’s checking accounts, the Benefit 62 Checking enjoys free ATMs worldwide.

How to get a Benefit 62 Checking account

To apply for the Benefit 62 Checking account, fill out the application for the Benefit Checking account online or in person, and if you meet the qualifications for the Benefit 62 Checking account (you are 62 years of age or older), your account will be adjusted accordingly. Make sure to have your Social Security number and a government-issued ID at hand, as well as $25 to fund your new account.

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on Bangor Savings Bank’s secure website

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How Bangor Savings Bank’s checking accounts compare

Most of Bangor Savings Bank’s checking accounts don’t bear any interest, and the one option that does bear interest has such a low APY that you likely won’t even realize it. Bangor Savings Bank’s interest-bearing checking account also has a pricey monthly maintenance fee, and although it can be waived, the requirements will be hard to meet for some consumers.

Many of the best online checking accounts offer higher interest rates, and some don’t even have a minimum balance requirement.

However, Bangor Savings Bank’s free ATMs worldwide policy is a big plus that can save customers a significant amount of money. Their basic checking accounts are very low in fees and worth considering if you live in Maine and N.H., especially if you prefer having access to physical branch locations over online-only banks.

Bangor Savings Bank’s savings account options

Benefit Savings

The Benefit Savings account is a fee-free, interest-bearing savings account for customers with a checking account.
APYMinimum Balance to Earn APY
0.08%$25 - $999.99
0.08%$1,000 - $4,999.99
0.08%$5,000 - $24,999.99
0.08%$25,000+
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: None
  • ATM fee: Free ATMs worldwide
  • ATM fee refund: Any ATM fees in the U.S. will be refunded within 3 business days. For international ATM transactions, you will automatically be reimbursed $3.00. If you were charged more than $3.00, you can contact their customer service with a receipt from the transaction and receive the remaining reimbursement.
  • Overdraft fee: $32 per item

The Benefit Savings account from Bangor Savings Bank doesn’t offer anything special when it comes to interest. However, it’s a viable option for anyone with a Bangor Savings Bank checking account who isn’t looking to put away a large amount of cash. You’ll start earning a modest interest rate even with a low account balance, and there are no monthly maintenance fees.

If you’re already planning to become a checking account customer at Bangor Savings Bank, the Benefit Savings account is free and easy to open. It’s also free to use ATMs worldwide.

Because Bangor Savings Bank offers overdraft protections like the ability to use your savings account as a backup if you overdraw your checking account, keeping some of your money in this account can help prevent overdraft fees.

It’s important to note, however, that Federal Reserve Regulation D limits all savings products to a maximum of six electronic withdrawals or transfers per month. After that, you’ll be charged a $1 fee and if you surpass that limit more than three time in a year, your account will be closed.

Keep in mind that you can process unlimited transfers and withdrawals if you visit the bank in person or do so through an ATM.

How to get a Benefit Savings account

If you’d like to open a Benefit Savings account, you’ll need to open a Bangor Savings Bank checking account first. This will automatically qualify you to open the Benefit Savings account along with the checking account.

SEE DETAILS Secured

on Bangor Savings Bank’s secure website

Member FDIC

Market Rate

The Market Rate account does not require a checking account and bears interest but has high minimum balance requirements.
APYMinimum Balance to Earn APY
0.08%$5,000 - $9,999.99
0.08%$10,000 - $24,999.99
0.10%$25,000 - $49,999.99
0.10%$50,000+
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: $5,000
  • Monthly account maintenance fee: $10, can be waived
  • ATM fee: Free ATMs worldwide
  • ATM fee refund: Any ATM fees in the U.S. will be refunded within 3 business days. For international ATM transactions, you will automatically be reimbursed $3.00. If you were charged more than $3.00, you can contact their customer service with a receipt from the transaction and receive the remaining reimbursement.
  • Overdraft fee: $32 per item

The Market Rate account is designed for customers without a Bangor Savings Bank checking account who can maintain a relatively high balance. This account has a significantly higher minimum balance to earn the APY requirement than the Benefit Savings account, but it also offers a better APY for customers with balances in the highest tiers. As with all Bangor Savings Bank accounts, you’ll get free ATMs worldwide, a debit card and online banking services. Keep in mind that savings products are allowed up to six electronic withdrawals or transfers per month, according to Federal Reserve Regulation D, and any excess transfers can result in a$1 fee. Eventually, your account may be closed if you continue to process excess withdrawals, however, withdrawals and transfers from your savings account at a branch or ATM location are unlimited.

That being said, the interest rates for even the highest tiers are unimpressive, and the account charges a monthly account maintenance fee that can only be waived by maintaining a $5,000 minimum balance. Ultimately, there’s little reason to open this account over the Benefit Savings account if you’re just looking for an easy savings option. If you’re planning on stashing enough money to qualify for higher APY tiers, you should look into other banks that can offer you better rates.

How to get a Market Rate account

To open a Market Rate account with Bangor Savings Bank, you’ll need to visit a local branch and apply in person.

SEE DETAILS Secured

on Bangor Savings Bank’s secure website

Member FDIC

Statement Savings

This account offers the lowest interest rates, but it’s fee-free and doesn’t require a checking account.
APYMinimum Balance to Earn APY
0.05%$25 - $999.99
0.05%$1,000 - $4,999.99
0.05%$5,000 - $24,999.99
0.05%$25,000+
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: None
  • ATM fee: Free ATMs worldwide
  • ATM fee refund: Any ATM fees charged in the U.S. will be refunded within 3 business days. For international ATM transactions, you will automatically be reimbursed $3.00. If you were charged more than $3.00, you can contact their customer service with a receipt from the transaction and receive the remaining reimbursement.
  • Overdraft fee: $32 per item

The Statement Savings account offers both minimal fees and minimal interest, and is designed for customers who don’t have a checking account while keeping a low balance in their savings account. This account offers the lowest APY of any savings account at the bank, but it also has no monthly account maintenance fee and a very low minimum opening deposit requirement.

In most cases, the Benefit Savings account is preferable. It offers the same low fees and low minimum opening deposit requirement but provides a higher APY. The only benefit of the Statement Savings account is that you’re not required to open a checking account with Bangor Savings Bank. However, because the bank offers fee-free checking accounts that are easy to open, the Statement Savings account doesn’t offer any real value for most people over the bank’s other options.

Remember, because this is a savings product, Federal Reserve Regulation D limits up to six electronic transactions per month. If you exceed this limit, you could be charged a $1 fee from the bank and could potentially have your account closed.

How to get a Statement Savings account

If you do want to open a Statement Savings account with Bangor Savings Bank, you can do so by visiting a local branch and applying in person.

SEE DETAILS Secured

on Bangor Savings Bank’s secure website

Member FDIC

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How Bangor Savings Bank’s savings accounts compare

Bangor Savings Bank’s savings accounts are an easy, low-fee option for customers who already plan to open a checking account here. They generally have lower monthly maintenance fees and ATM fees than accounts at bigger national banks, making them worthwhile if you prefer a bank that has physical branch locations.

However, these accounts come with relatively low APYs, especially compared with the best online savings accounts. Many of these online savings accounts don’t even require you to maintain a minimum balance or pay a monthly service fee. Ultimately, you can use this bank’s savings accounts as backup for your checking accounts, but you should look elsewhere if you’re really building your savings.

Bangor Savings Bank’s CD rates

Certificate of Deposit

This Certificate of Deposit doesn’t offer the most competitive interest rates but it does have premium rates and a low initial deposit requirement for Benefit Plus customers.
TermAPY APY for Benefit Plus Customers
3 months0.10%0.20%
6 months0.15%0.25%
12 months0.20%0.30%
18 months0.25%0.35%
24 months0.30%0.40%
30 months0.30%0.40%
36 months0.30%0.40%
48 months0.30%0.40%
60 months0.30%0.40%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: An early withdrawal penalty may apply. According to a customer service representative, the current early withdrawal penaltyfor 3 month and 6 month CDs is 90 days of interest, while the penalty for CDs with terms of 12 months or more is 180 days of interest.

Bangor Savings bank offers nine different CD terms that range from 3 months to 5 years. All CDs require a minimum deposit of $500 that must be maintained in the CD in order to earn interest, which compounds daily. The same rates stated above apply to their Great Start CD, which is a certificate of deposit account designed to help customers under the age of 18 start saving.

Penalties may be incurred for early withdraw. Currently, withdrawing early will result in a penalty equal to 180 days of interest.

Their CDs cannot be opened online, so you’ll have to go into a branch to set one up.

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on Bangor Savings Bank’s secure website

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How Bangor Savings Bank’s CD rates compare

Compared with the highest paying CDs, Bangor Savings Bank’s CD rates fall short, even when you consider the premium APY for Benefit Plus customers. However, most of the CDs with the highest rates require a higher minimum opening deposit.

If you’re looking to open a CD with minimal cash, Bangor Savings Bank’s CDs start looking more competitive. Their 6 month and 9 month CDs, in particular, offer some of the most generous rates available with a minimum opening deposit this low. Bangor Savings Bank’s CDs do offer more term options than many other CDs so they’re great if you’re looking for more flexibility.

You should still shop around before deciding on Bangor Savings Bank, as it might be possible to get significantly higher rates depending on the term and the deposit you’re willing to make. Even with a low opening deposit, there are a few credit unions with rates that double those offered to Benefit Plus customers.

Bangor Savings Bank’s money market account options

Benefit Money Market

The Benefit Money Market account is designed to complement Bangor Savings Bank’s Benefit Plus Checking Account.
APYMinimum Balance to Earn APY
0.08%$5,000 - $24,999.99
0.10%$25,000 - $49,999.99
0.10%$50,000 - $99,999.99
0.12%$100,000 - $249,999.99
0.12%$250,000+
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: $5,000
  • Monthly account maintenance fee: None
  • ATM fee: Free ATMs worldwide
  • ATM fee refund: Any ATM fees charged in the U.S. will be refunded within 3 business days. For international ATM transactions, you will automatically be reimbursed $3.00. If you were charged more than $3.00, you can contact their customer service with a receipt from the transaction and receive the remaining reimbursement.
  • Overdraft fee: $32 per item

You must have a Bangor Savings Bank checking account in order to open a Benefit Money Market account, and if you have a Benefit Plus Checking account, you’ll automatically qualify to open this money market account. There’s no monthly maintenance fee, but you do have to maintain a significant minimum balance in order to earn interest.

The rates at each tier of the Benefit Money Market account are decent but don’t expect big yields. They are higher than those offered by Bangor Savings Bank’s other savings accounts.

As with all accounts at Bangor Savings Bank, you will get free ATMs worldwide, access to online banking and a debit card. It’s worth remembering that per Federal Reserve Regulation D, you are allowed a maximum of six certain withdrawals or transfers, and exceeding this limit can result in a fee from the bank or the closure of your account.

How to get a Money Market account

Bangor Savings Bank’s Benefit Money Market account can be opened online or by visiting a branch in person. The online application only takes a few minutes to complete. It will require that you submit personal information such as your Social Security number and a government-issued ID.

SEE DETAILS Secured

on Bangor Savings Bank’s secure website

Member FDIC

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How Bangor Savings Bank’s money market accounts compare

For a bank of its size, Bangor Savings Bank offers competitive rates on their money market accounts. However, they simply don’t come close to the best rates for money market accounts right now. What’s more, these superior money market accounts often have the same minimum balance requirements as Bangor Savings Bank and also don’t charge a monthly service fee.

If you’re already a checking account customer and value your relationship with Bangor Savings Bank, their money market accounts might be worth considering. If you don’t feel loyal to this bank, it’s worth shopping around for better rates.

Overall review of Bangor Savings Bank’s banking products

Bangor Savings Bank doesn’t offer a particularly impressive APY on any of its products, but the rates are still higher than those at many big banks. There are a couple of short-term CDs with a competitive APY for certain customers, and their CDs also offer decent flexibility.

You’ll also find several products at this bank that minimize fees. Their checking accounts with no monthly service fee are an excellent, simple option if you live near a branch location. Some of their savings accounts are also worth considering, especially if you prefer a bank with physical branch locations to an online bank. The ability to use your debit card at any ATM worldwide and be reimbursed for ATM fees is particularly valuable.

Where Bangor Savings Bank really shines is its customer service and community involvement. When we gave them a call, their customer service representatives were friendly, quick to respond and very helpful. The bank regularly reinvests money into the local community through their Corporate Giving program. However, if you’re strictly looking for the highest rates and the lowest fees, Bangor Savings Bank probably isn’t your best option.

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